Stalled IPO market challenging for venture-backed firms like Altruist. Employees & early investors seeking liquidity as companies remain private longer.

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Calstrs following peers like Calpers in reducing public stock exposure. In March, Calpers cut public equities by 5 percentage points.

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How is the current macro climate affecting the J-curves of recent fund vintages?

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When it comes to valuations, AI is boxing in a weight class of its own. Some investors say, it's time to tap out. My latest for PitchBook:
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Altruist's high valuation means few potential buyers could afford it without facing antitrust scrutiny, says Jason Wenk. Plans to stay private or eventually IPO.

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AI was the obsession du jour at the 2024 Milken Institute Global Conference in Beverly Hills this week.

PitchBook's Roșie Bradbury attended the event and shares her insights here. 👇

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Biotech & pharma startups make up nearly a third of predicted European IPOs, with fintech coming in second at 15%. The relative maturity of these sectors and their hubs in the UK are key drivers.

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The VC-backed IPO backlog in Europe hit an all-time high in December 2023, with the number of companies ready to list steadily building throughout the year as IPO timing kept getting pushed out.

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Latest for PitchBook, live from Milken!

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Family offices, high-net-worth individuals, and private wealth management are more common LP base for crypto funds historically vs institutions. CoinFund is an example of this shift.

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With 550% YoY revenue growth in 2023, Altruist could reach cash-flow profitability this year, according to founder Jason Wenk.

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